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Housing Loan / Personal Loan

Home Loan Eligibility Criteria

Home Loan eligibility depends upon various factors. A few of them are listed here -

Income

Your income determines the amount of home loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45 to 0.50.

Tenure

The longer tenure you opt for, the more is your home loan eligibility and the lesser is your EMI.

Age

Your age will determine your home loan tenure and hence your eligibility.
 

Interest Rate offered

Banks offer Fixed and Floating Rates of Interest. If your interest rates are on a lower side, then the loan eligibility will be higher..

CIBIL Score

Your credit report tells the bank about your repayment capacity and hence determines if you're eligible for a loan.

Advantages of a Home Loan

Lowest Rate of Finance from Banks
The Bank finance for a Housing loan is generally available at the lowest rates offered by the Banks.
Save Income tax
The Income Tax Act offers various benefits in the form of 80 C Deduction for principal and deduction of interest paid on housing loan from taxable income which further reduces the effective rate of borrowing.

Applying For A New Home Loan

Buying a home is a dream come true for many of us. Rising interest rates are making it a rather expensive affair. Once you finalize on your property, 80% of the amount can be taken as a loan from a bank depending upon how much loan you are eligible for. Home loans can be repaid to the bank every month as equated monthly installments over the entire tenure of the loan. A part of this EMI goes towards repaying the principal component of the loan and the other part goes towards paying the interest.

Consider Home Loan Eligibility Factors

Banks have their own standards for calculating eligibility. Factors like age, annual income and loan tenures play an important role. You should do some shopping to check which bank is offering you a higher loan eligibility. Adding up your spouse's income may be a good option to increase your eligibility.

Documents Required For Home Loan

Salaried Customers

  • Application form with photograph
  • Identity and Residence Proof
  • Latest Salary-slip
  • Form 16
  • Last 6 months bank statements
  • Processing fee cheque

Self Employed Professionals

  • Application form with photograph
  • Identity and Residence Proof
  • Education Qualifications Certificate and Proof of business existence
  • Last 3 years Income Tax returns (self and business)
  • Last 3 years Profit / Loss and Balance Sheet
  • Last 6 months bank statements
  • Processing fee cheque

Self Employed Businessman

  • Application form with photograph
  • Identity and Residence Proof
  • Education Qualifications Certificate and Proof of business existence
  • Business profile
  • Last 3 years Income Tax returns (self and business)
  • Last 3 years Profit / Loss and Balance Sheet
  • Last 6 months bank statements (self and business)
  • Processing fee cheque

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